The Malaysian stock market has experienced a decline over consecutive trading sessions, falling nearly 20 points or 1.2 percent. The Kuala Lumpur Composite Index is hovering just above the 1,535-point benchmark and could see some support in Thursday’s trading session.Internationally, the forecast for Asian markets appears promising, primarily due to rising optimism regarding interest rate trajectories. European markets presented a mixed and relatively flat picture, while U.S. markets surged, setting the anticipated direction for Asian counterparts.Wednesday saw a slight downturn for the KLCI as the decline in telecoms and financial stocks outweighed gains from plantation stocks. The index declined by 9.17 points or 0.59 percent to 1,535.79, with trading range from 1,535.77 to 1,546.00.In individual performances, Axiata rose 0.36 percent, Celcomdigi dipped 0.47 percent, and CIMB Group plunged 1.97 percent. Meanwhile, Genting and Hong Leong Bank both lost 0.62 percent, and Petronas Chemicals gathered 0.29 percent.Wall Street presented a brighter picture since the major indices started flat on Wednesday but took a positive turn late in the day, reaching record closing highs. Dow Jones Industrial Average jumped 401.37 points or 1.03 percent to 39,512.13, while NASDAQ rallied 202.62 points or 1.25 percent, and the S&P 500 ascended 46.11 points or 0.89 percent.The surge is credited to the Federal Reserve’s decision to keep interest rates steady and its continued projection of three rate cuts this year. The Fed’s target range for the federal funds rate remained at 5.25 to 5.50 percent, but projections suggest potential rate reductions to a range of 4.50 to 4.75 percent by the end of 2024.Crude oil prices experienced a dramatic drop on Wednesday. Traders chose to capitalise on recent gains, triggering a sell-off, and a robust dollar further pressurised the oil prices. West Texas Intermediate Crude oil futures for April dropped $1.79 or 2.1 percent, concluding trading at $81.68 per barrel.The material has been provided by InstaForex Company – www.instaforex.com
- Russia’s GDP Monthly Growth Slows to 4.2% in March 2024 - April 27, 2024
- Russia’s Unemployment Rate Drops Slightly to 2.7% in March 2024 - April 27, 2024
- Russian Real Wage Growth Surges to 10.8% in February 2024 - April 27, 2024